I got a lease through ALLY bank 2 years ago and had the account on autopayment and always paid it same day. Never has this been an issue.
Recently I traded my car in and got a new loan through US bank. When I traded the car in I had just paid my payment then day before so I knew I had at least 30 days before the next payment.
I called 10 days later after the purchase was complete and the dealership said they paid the car off. I checked with ALLY online and they were not paid off.
I called ALLY on the 11th day and they said they recieved payment in full and would take care of the account.
Last week which is 32 days later I get a letter stating that my payment is late but not yet 30 days late to report to my credit and to make payment now.
I call ALLY and they say that the odometer statement is required for there records to close out the account.
I call the dealership and they state they sent that. I ask did they cash the check for the account they stated they did but won't apply it to the account until the odometer statement showing miles on the car has been sent over. Then it takes 3-4 business days to close the account.
I tell the dealership to fax it over. They do and then the next day I call and again no odometer statement.
This continues until today in which they finally say they got the statement.
I asked them how an odometer statement would stop the account from being paid in full I've never heard of such a thing. They said it's there company policy to require it before closing any account out.
I said closing out an account or applying a payment are two totally different things.
Bottom line is I allotted myself enough time for it to not affect my credit but could you imagine what would of happened if ALLY had let this go beyond 30 day and report it?
I am furious companies like this take advantage of consumers.
